State of Maine
– Maine’s Revenue Forecasting Committee has projected a $650 million shortfall over the next three budget years. If the state is forced to make major cuts to essential services, communities and families will feel the impacts most directly. Meanwhile, big corporations often hide profits through the use of off-shore accounts, utilizing these tax havens to avoid paying their fair share. LD 428 would require these corporations to file income tax returns in Maine that include income from known tax havens.
Information on closing corporate tax loopholes:
– Large retailers use a tactic called “dark store theory” to get out of paying property taxes. The “dark store theory” is where commercial property owners challenge their tax assessment by using vacant stores or properties as comparable values; arguing that their value should be aligned with properties that are not in use. This has led to millions of dollars less in property taxes for Maine’s municipalities.
Information on the dark store theory: